Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 22 May 2023 2:33 pm

  Oil steady as U.S. default risk offsets demand outlook

  

  Oil prices remained stable on Monday as concerns over the US debt ceiling weighed on optimism about demand later in the year, offsetting support from reduced supply from Canada and OPEC+ producers. Brent crude futures were up 17 cents, or 0.2%, to $75.75 a barrel by 1111 GMT, while WTI …

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• 22 May 2023 1:27 pm

  UK house prices hit new high in May as confidence returns

  

  UK house prices hit a new record high in May as the housing market continued to defy pessimistic forecasts at the start of the year, figures showed. Rightmove’s house price index showed the average price of property coming to market jumped by 1.8%, £6,647, to set a new peak of …

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• 22 May 2023 1:06 pm

  Stability of European stocks amid concerns about the US debt ceiling

  

  European stocks were little changed at the open on Monday, while concerns over an agreement on the US debt ceiling and the outlook for US and European monetary policies weighed on sentiment. The pan-European Stoxx 600 index settled after touching its highest level in more than a year on Friday. …

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• 22 May 2023 11:40 am

  The Nikkei index closed higher for the eighth day

  

  The Japanese Nikkei index closed higher on Monday, extending its gains for the eighth consecutive session, at a time when investors continue to buy local stocks with discounted prices, amid optimism about companies’ efforts to enhance investor returns. The Nikkei index reversed course, jumping 0.9 percent to 31,086.82 points, its …

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• 22 May 2023 1:13 am

  Financial Markets’ Weekly Recap, May 15-19

  

  After last week’s stalemate, US president Biden on Sunday said he believes he has the authority to use the 14th Amendment to unilaterally address the debt ceiling, but acknowledged potential legal challenges could still lead to default. He said he is looking at the 14th Amendment as to whether or …

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• 19 May 2023 11:42 pm

  Gold eyeing $1980 resistance amid hawkish Fed language

  

  Gold climbs 0.89%, trading at $1975.05 per ounce at the time of writing, as the US dollar’s strength subsides, investors are now eyeing the $1980 resistance level.Fed Chair Jerome Powell’s comments and US Treasury Sec. Janet Yellen’s remarks on Friday were sufficient to shake the market, resulting in a significant …

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• 19 May 2023 9:47 pm

  Crude oil prices retreats on debt ceiling stalemate

  

  After Republicans boycotted talks with President Biden over raising the debt ceiling, the price of oil reversed gains and fell on Friday. The US Dollar falls as demand for safe-haven assets declines as concerns over the debt ceiling ease; oil is primarily priced in USD. After House Speaker McCarthy left …

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• 19 May 2023 8:45 pm

  Powell: Recent credit stress eases pressure to hike interest rates

  

  The recent banking crisis, which resulted in stricter lending regulations, has lessened pressure to raise interest rates, according to US Fed Chair Jerome Powell on Friday. “Our policy rate may not need to rise as much as it would have otherwise,” Powell continued. In relation to market expectations, Powell stated …

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• 19 May 2023 7:46 pm

  Yellen to US bankers: More mergers may be necessary

  

  Treasury Secretary Janet Yellen told bank CEOs that more bank mergers may be necessary, CNN reported. The comments triggered risk aversion and weighed on the US Dollar. “Sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs”, the network reported. The US Dollar extended losses across …

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• 19 May 2023 4:14 pm

  German producer prices post smallest increase in two years

  

  According to statistics released on Friday, German producer prices rose at the weakest annual rate in two years in April, indicating that inflation in Europe’s largest economy may decline further. According to the Federal Statistical Office, producer prices for industrial items rose 4.1% in April compared to the same month …

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• 19 May 2023 3:30 pm

  Dollar rises amid optimism about the US debt ceiling talks

  

  The dollar approached its highest level in nearly six months against the yen on Friday and pushed the euro to its lowest level in more than seven weeks, as optimism about government debt ceiling talks in Washington fueled expectations that US interest rates would remain high for longer. Democratic negotiators …

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• 19 May 2023 2:10 pm

  Oil prices are rising as the risk of America defaulting on its debts recedes

  

  Oil prices rose on Friday, after falling more than 1 percent the day before, as investors cautiously optimized about the fading risk of a US debt default. Brent crude futures rose 73 cents, or 1 percent, to $76.59 a barrel by 0650 GMT, and US West Texas Intermediate crude rose …

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• 19 May 2023 12:56 pm

  European stocks are rising and the German DAX is nearing a record high

  

  European stocks rose on Friday and pushed the German DAX index towards record highs, supported by indications of progress in the US debt ceiling negotiations. The pan-European Stoxx 600 advanced 0.4% by 0708 GMT, and is set to end the week with a slight gain. Mining and financial services stocks …

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